This sector-specific approach provides detailed guidance on the application of the Key Attributes in order to develop criteria that are better tailored to the specific features of a particular sector and thus facilitate sector-specific assessments of the Key Attributes.1

Business Processes Impacted: Fraud and Financial Crime, Audit, Legal and Compliance
Targeted at preventing market abuse in financial markets, the Commission has adopted a Corrigendum to Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation). It also addresses repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014).4

Business Processes Impacted: Clearing and Settlement – Exchange Traded and Over-the-Counter, Consumer/Investor Protection
These regulations make amendments to regulation 7 and the Third Schedule of the Securities and Futures (Licensing and Conduct of Business) Regulations.5

Business Processes Impacted: Trading, Reporting
The technical reporting instructions on Markets in Financial Investments Regulation (MiFIR) transaction reporting provides necessary instructions following the introduction of MiFIR. This regulation extends the transaction reporting requirements in terms of the scope of instruments used in transaction reporting as well as the scope of information that should be provided in each transaction.9

Financial Industry Regulatory Authority (FINRA)(**):SEC Approves FINRA’s Capital Acquisition Broker (CAB) RulesPublication Date: October 17th 2016Risks Covered: Compliance RiskBusiness Processes Impacted: Capital Adequacy and Capital Planning
These new rules, proposed by the Financial Industry Regulatory Authority (FINRA) and approved by the Securities and Exchange Commission, govern firms that meet the definition of “capital acquisition broker” (CAB) and that elect to be governed under this rule set. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions.10

FORTHCOMING REGULATIONS:

Federal Deposit Insurance Corporation (FDIC)Enhanced Cyber Risk Management Standards
This notice, proposed jointly with the Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC), considers establishing enhanced cyber risk management standards for the operational resilience of large and interconnected entities under their supervision and their service providers.11

European Commission (EC)Commission Work Programme 2017
The Work Programme for 2017 includes finding an agreement on the proposal for a common European Deposit Insurance Scheme. Review of parts of the banking legislation and proposed targeted amendments to the Capital Requirement Regulation and Directive. Strengthening existing risk-reduction measures, and accelerating the adoption of pending proposals on securitisation and prospectuses.13

“Report on Corporate Governance,” The Growth and Emerging Markets Committee of the International Organization of Securities Commissions, Final Report, October 2016. Access at: Report on Corporate Governance

The tracker is the monthly initiative aimed at updating the Finance and Risk community with the most recent regulatory changes impacting Banks and Capital Markets firms. We update our comprehensive regulatory database every month by tracking more than 40 regulatory and industry bodies covering North America, Europe and Asia Pacific. Every month, we will highlight approximately 10 regulations shortlisted on the basis of geography of coverage and anticipated business impacts. Our summaries highlight the risks covered and business processes affected by the regulatory reforms.

Disclaimer

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